Judge Denies Muller Motions in Case Brought by SWA, SEC
31 Décembre 2004 - 3:00PM
PR Newswire (US)
Judge Denies Muller Motions in Case Brought by SWA, SEC Decision in
SWA's Favor Clears Way for Summary Judgment LOS ANGELES, Dec. 31
/PRNewswire-FirstCall/ -- Save The World Air, Inc., (Pink Sheets:
ZERO) today announced that the US District Court, Southern District
of New York, has denied motions filed by SWA's former CEO and
President Jeffery Muller and various members of his family related
to a cross-complaint brought against them by Save The World Air,
Inc. and the US Securities and Exchange Commission. Jeffery Muller
and members of his family filed seven separate motions, including
dismissal of the cross-complaint, the vacating of the 2002
preliminary injunction and a summary judgment. All of which were
denied. Regarding Mr. Muller's request for a summary judgment
dismissing the cross-complaint, Judge George B. Daniels wrote: "For
the most part, Jeffery Muller offers his own self-serving
statements to dispute the validity of the factual allegations in
the cross-complaint. Such a proffer constitutes inadmissible
hearsay, and is insufficient to satisfy movant's burden of proof."
Judge Daniels also wrote: "Moreover, the assets, or a significant
portion thereof, were allegedly obtained as a result of Jeffery
Muller's fraudulent activities in looting SWA. Those assets should
therefore be preserved until litigation is resolved." "We are very
gratified by the Judge's decision on these matters and are looking
forward with optimism to a final ruling on our summary judgment
motion in the near future," said Edward Masry, SWA's Chief
Executive Officer. "Once that happens, we hope to close the book on
Mr. Muller's involvement with SWA and focus on bringing the
CAT-MATE and our other great products to market." On December 19,
2001, the SEC filed civil charges against Mr. Muller alleging that
he and others engaged in a fraudulent scheme to promote SWA stock.
In March, 2002, SWA reached a settlement on this case under which
the Company was not required to pay any fines or restitution. In
July 2002, after an investigation by its newly constituted board of
directors, SWA filed a cross-complaint in the SEC action against
Mr. Muller and others seeking injunctive relief, disgorgement and
financial restitution for a variety of acts and omissions in
connection with sales of SWA stock and other transactions occurring
between 1998 and 2002. A final ruling on these cases is anticipated
in early 2005. Save The World Air, Inc., was created to develop
devices using proprietary technologies that can be installed on
motor vehicles to reduce harmful emissions, improve fuel
efficiency, and/or improve performance. Judge George B. Daniels'
Memorandum Decision and Order can be viewed at savetheworldair.com.
Safe Harbor Statement The statements contained herein, which are
not historical, are forward looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward looking statements,
including, but not limited to, SWA's ability to market its
technologies and devices and future customer acceptance for these
products and services and other risks set forth in SWA's filings
and future filings with the Securities and Exchange Commission,
including those set forth in SWA's Annual Report on Form 10-KSB for
the year ended Dec. 31, 2003. For more information please contact:
Jason Booth of Sitrick And Company, +1-310-788-2850, for Save The
World Air, Inc. DATASOURCE: Save The World Air, Inc. CONTACT: Jason
Booth of Sitrick And Company, +1-310-788-2850, for Save The World
Air, Inc. Web site: http://savetheworldair.com/
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